Lawsuit claims Priscilla Presley hid jewellery and memorabilia worth up to $25 million to dodge tax

An update has been given in the lawsuit brought against Priscilla Presley, claiming that she had hidden valuable jewellery and memorabilia.

The former actress was accused of wanting power over the Presley family name and therefore its fortune, as well as it being suggested that she prematurely 'pulled the plug' on her daughter Lisa Marie's life support.

Priscilla was married to the King of Rock 'n' Roll, better known as Elvis Presley, for six years after tying the knot in 1967.

The pair's relationship has long been criticised, especially since Elvis had met Priscilla when she was just 14, and he was 24, but despite this, Priscilla has claimed that they did not sleep together until she was 21.

As for the lawsuit in question, her former business partners were behind it, as Brigitte Kruse and Kevin Fialko launched the legal claim to a Los Angeles superior court, seeking at least $50 million in damages.

Elvis and Priscilla got married in 1967, years after they met for the first time (Bettmann/Getty)

It detailed that she 'ultimately wanted to control' both Lisa Marie's trust and the infamous Graceland estate in Memphis, Tennessee, USA.

Fialko and Kruse head up Priscilla Presley Partners, though they claim that the 80-year-old has breached her contract and committed fraud, saying that she was aware that her daughter Lisa Marie was the sole heir to Elvis' estate, and wanted to purposely remove her from the position.

The pair claimed that Priscilla 'pulled the plug within hours of Lisa being admitted', after her daughter suffered a cardiac arrest back in January 2023, at her home in Calabasas, California.

Now, allegations detail that the mother-of-two has hidden a jewellery collection worth 'upwards of $25 million' from the Internal Revenue Service (IRS).

In new documents obtained by People, it states: "Form 433-A to the IRS in an attempt to negotiate down her tax obligations, where she falsely represented to the IRS on May 4, 2023, that she only owned jewelry worth $6,000."

Fialko and Kruse said they were looking to 'finalise the settlement' with Priscilla at her demand, which would 'ultimately result in a multi-million-dollar payment that Priscilla needed, and resulting in multi-million-dollar payouts to other family members'.

Her collection of lavish jewellery was said to be stored off-site at a facility managed by Angie Marchese, who also manages Graceland Archives at the late Elvis Presley's mansion in Tennessee.

Priscilla's representatives deny all the claims made against her (Manoli Figetakis/Getty Images)

The pair added that Priscilla 'orchestrated their immediate termination' after learning that the pair were to tell the IRS the value of the collection.

In response, Priscilla's attorney Marty Singer said in a statement: "The claims made by Brigitte Kruse and Kevin Fialko are absurd and completely without merit.

"This false claim is nothing more than a sad and vicious attempt to tarnish the reputation of an 80-year-old woman."

The attorney went on, claiming: "This allegation has nothing to do with the claims that exist against Brigitte Kruse and Kevin Fialko and do not deflect the substantial liability Brigitte Kruse and Kevin Fialko have for the claims against them for engaging in misappropriation of substantial monies from Priscilla Presley and engaging in elder abuse."